San Francisco, CA (PRWEB) April 29, 2014
The new markets tax credit (NMTC) community faces a critical juncture as a variety of proposals emerge to extend, alter or eliminate the program. On April 3, the Senate Finance Committee passed a tax extenders bill that would reauthorize the NMTC program for two years with $3.5 billion in annual allocation authority. A month previously, President Barack Obama released a proposed budget for fiscal year (FY) 2015, which would permanently reauthorize the NMTC at $5 billion annually. Another possibility being discussed is a draft tax reform proposal released in February by House Ways and Means Chairman David Camp, R-Mich., which made no specific reference to the NMTC, presumably forcing it to remain expired. Meanwhile, community development professionals continue to invest and innovate using the NMTC, as they eagerly anticipate the next round of NMTC allocation awards.
To network and discuss the future of the NMTC, community development experts will gather at the Novogradac New Markets Tax Credit Spring Conference June 12-13 in Washington, D.C. The two-day conference at the Washington Marriott Marquis will feature panels of community development entities, investors, lenders, attorneys, accountants and other industry professionals who will discuss the latest news and issues, such as tax reform, Year 7 legal and tax concerns, and safe harbor considerations for developments using NMTCs and historic tax credits (HTCs). Keynote speakers include Rep. Pat Tiberi, R-Ohio, and NMTC Program Manager Bob Ibanez from the Community Development Financial Institutions (CDFI) Fund.
“The new markets tax credit industry faces exciting opportunities as the CDFI Fund prepares to announce the next round of NMTC winners,” said Nicolo Pinoli, CPA, conference chairman and partner in Novogradac & Company LLP’s Portland, Ore. office. “Conference attendees can expect to learn from industry experts who will help them plan for and navigate through future challenges with extreme confidence.”
Attendees will have ample opportunity to network with more than 700 community development professionals, including active community development entities, tax equity investors, lenders and many other industry professionals and participants during the numerous session breaks and a cocktail reception to be held on Thursday, June 12 from 5 p.m. to 6:30 p.m.
Additionally, three pre-conference workshops, NMTC 101: The Basics, NMTC 201: NMTC Compliance and Advanced NMTC Concepts, will be held on Wednesday, June 11 to help attendees learn about NMTC fundamentals. Pre-conference workshop registration is separate and optional. Additional fees apply.
The Novogradac New Markets Tax Credit Spring Conference is co-hosted by BakerHostetler, Bank of America Merill Lynch, Capital One Bank, Chase, Dentons, Husch Blackwell, Nixon Peabody, PNC, Squire Sanders, US Bank and Wells Fargo. Sponsors are Holland & Knight, Smith NMTC Associates, Greenline Ventures, National Trust Community Investment Corporation, SunTrust, Dudley Ventures, Blank Rome LLP, Bryan Cave, Enterprise, Future Unlimited Law, Ginsberg Jacobs LLC, Manatt, Polsinelli, Strategic Development Solutions, Twain Financial Partners and United Fund Advisors.
Conference details and the complete conference agenda can be found at http://www.novoco.com/events/conferences/nmtc/2014/washington_dc/index.php.
Novogradac began operations in 1989, and the allied group of Novogradac companies has since grown to more than 500 employees and partners with offices in San Francisco and Long Beach, Calif.; the Washington, D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; St. Louis, Mo., Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y.; and Portland, Ore. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization and rehabilitation of historic properties. Other areas of expertise include military base redevelopment, preparation and analysis of market studies and appraisals of multifamily housing investments and renewable energy tax credits.
For more information about the Novogradac New Markets Tax Credit Spring Conference, please contact Orlene Carpio at (415) 356-8043 or by email at Orlene.Carpio(at)novoco(dot)com.